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| Unit name |
Financial Accounting 1 |
| Unit code |
EFIM10002 |
| Credit points |
20 |
| Level of study |
C/4
|
| Teaching block(s) |
Teaching Block 1 (weeks 1 - 12)
|
| Unit director |
Dr. Korczak |
| Open unit status |
Not open |
| Pre-requisites |
A-Level Mathematics grade A
|
| Co-requisites |
EFIM10004 Managerial Finance
|
| School/department |
School of Accounting and Finance - Business School |
| Faculty |
Faculty of Social Sciences and Law |
Description including Unit Aims
The unit teaches participants to prepare and analyse the four main financial accounting statements - the Statement of Financial Position, the Statement of Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flow.
This unit aims to enable participants to:
- achieve an understanding of the principles and objectives of financial accounting;
- acquire the core skills and techniques of financial accounting, in particular keeping accounting records (double-entry system) and constructing and analysing financial statements;
- learn to carry out independent research and analysis;
- develop a continuing interest in accounting, and obtain satisfaction from its study and practice;
- develop a commitment to providing information which is potentially useful for making economic decisions and which, if provided, will enhance social welfare; and
- be prepared for further study of Financial Accounting, in particular for unit EFIM20001
Intended Learning Outcomes
On completion of your studies you should be able to:
- explain the objective of financial statements;
- compare and contrast the various types of business entity and their reporting requirements;
- recall, define and explain the elements of financial statements;
- explain and apply the principles of double-entry bookkeeping, including the use of an extended trial balance;
- prepare and explain a Statement of Financial Position for a single entity;
prepare and explain a Statement of Comprehensive Income for a single entity;
- prepare and explain a Statement of Changes in Equity for a single entity;
- prepare and explain a Statement of Cash Flow for a single entity;
- explain, apply and evaluate alternative cost flow assumptions for measuring inventory (FIFO, LIFO and weighted average cost);
- explain the purpose of control accounts and bank reconciliations and perform reconciliations;
- evaluate the position and performance of a business using ratio analysis and other tools such as SWOT and PEST analyses;
- prepare and explain partnership accounts, including where there is a change in partnership or in profit-sharing ratio, and explain the associated principles and techniques;
- account for the incorporation of a business, and explain the associated principles and techniques;
- demonstrate an understanding of principles of VAT;
Teaching Information
Assessment Information
Summative:
- 100% on 3 hour written exam.
Formative:
- Tutorials: up to 10 exercises
- Exercise Lectures: 10 exercises,
All learning objectives are assessed by both summative and formative assessment
Reading and References
Essential:
- Anne Britton and Chris Waterson, Financial Accounting (5th edition) 2009, Financial Times Prentice Hall
Recommended:
- Frank Wood and Alan Sangster, Business Accounting 1 (11th edition) 2008, Financial Times Prentice Hall
